👉The price of Shiba Inu has increased by more than 7% on Wednesday and is approaching the downtrend line (formed by reaching several highs since the end of March).
👉If SHIB breaks through the downtrend line and closes above the daily resistance at $0.000020, the price will increase by 30% to retest the high of June 5 at $0.000026.
👉The Moving Average Convergence Divergence (MACD) indicator on the daily chart is about to reverse into a bullish crossover on Wednesday, giving a buy signal and indicating upward momentum. Additionally, the Relative Strength Index (RSI) at 58, above the neutral level of 50, shows that bullish momentum is increasing.
👉However, the bullish argument will be invalidated if SHIB does not break through the downtrend line and closes below the low of September 30 at $0.000015. This scenario would lead to a further decline of 14% for the Shiba Inu price to retest the low of September 18 at $0.0000129.
Wishing everyone successful trading🤝
